How could this have happened.?

Asked by Tony, Lagrangeville, NY Fri Dec 12, 2008

We have been in contract for 2 months.Buyers signed contracts. We are ready to close.Buyers had a mortgage commitment contingency in contract.A Rider stated that they had 30 days to get their mortgage or they had to give written notice.It also said they would be allowed to cancel the transaction if they gave notice within the 30 days.Sellers were also given that option.We were told by buyer's agent that they would put a lot down and be ready to close in 30 days.The closing date was set for on or about the 18th of Nov. As weeks went on during the 30 day contingency period we were not getting any input as to their status. We called our lawyers and they called their lawyer.Our lawyer was told that they didn't get a mortgage they could handle.Their bank changed the terms.No written notice sent to us! We had to call.They did not have their Green Cards! Bank found out.Shouldn't their agent be responsible to know if they had Green Cards?

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4
J R, , New York, NY
Fri Dec 12, 2008
2. IF THEY SPEAK A DIFFERENT LANGUAGE (ARE FROM A DIFFERENT COUNTRY) - YES I would inquire as to their US citizenship BEFORE I go around showing them houses. Yes - definitely.
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Non citizens can buy property.
2 votes
Thomas McGiv…, Agent, Farmingville, NY
Fri Dec 12, 2008
What does your agent say? OR are you a for sale by owner?

It's not fault of YOUR agent, if you have one. I would say that the buyers agent is a fool for showing people houses without
1. HAVING THEM PRE APPROVED FIRST.
2. IF THEY SPEAK A DIFFERENT LANGUAGE (ARE FROM A DIFFERENT COUNTRY) - YES I would inquire as to their US citizenship BEFORE I go around showing them houses. Yes - definitely.

But that's me. I know what I'm doing. :)
Web Reference:  http://www.tommcgiveron.com
1 vote
Bill Eckler, Agent, Venice, FL
Fri Dec 12, 2008
Tony,

We too understand your great disappointment........important to point out is the system works. It was identified there was a problem, unfortunately not early enough for you, but the violation was detected prior to closing.

The buying system is designed to protect all parties from being exploited. agent, title company, attorney, inspector, surveyor, loan agency etc. are all key players in the process serving to protect everyones best interests..
0 votes
J R, , New York, NY
Fri Dec 12, 2008
No. It isn't their agent's responsibility and it is an irrelevant point. Why would you try to make this the agent's fault? Just easy to do and the most popular person to bash on this forum? I realize you're disappointed the sale did not go through and would like to blame someone, but it is happening all the time, all over the place today. Blame the market and they buyer. So you have plenty of company. we recently had a buyer, on the morning of the closing, just walk away from the sale. Did they lose their deposit? Some of it. Not all.
0 votes
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